Another development has arisen in the ongoing concerns regarding whether local tax rules in EU countries unfairly favor investment by local pension funds over those established outside the EU. The general theory is that...more
Update (January 4, 2022)
The updated 2022 Forms W-4P and W-4R have been released...more
Over the years, tax shelter ideas have occasionally arisen in connection with the interpretation of some of the pension provisions found in US tax treaties, encouraged, perhaps, by the lack of guidance on many treaty...more
Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P...more
The U.S. has issued an announcement with guidance on how the 2009 amendment to the tax treaty between the U.S. and Switzerland applies to pension and retirement arrangements of both countries....more
On January 27, 2021, the United Kingdom’s Department for Work and Pensions (“DWP”) issued the draft regulation, The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (the “Regulation”). ...more
Notwithstanding the pandemic, or perhaps accelerated by the financial and social implications of it, some countries are continuing apace with making significant changes to their pension systems. One that is accelerating is...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), directed that guidance be issued providing that a section 403(b)(7) custodial account could make distributions in kind upon a plan...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed earlier this year delayed the due date of quarterly and final contributions otherwise due in calendar year 2020 to January 1, 2021. But because...more
For some time, the UK has been working to implement the concept of “superfunds” to consolidate defined benefit (“DB”) plans. We wrote about this early on here. In essence, a superfund would be akin to a collective defined...more
IRS Notice 2020-68 (Notice) provides the first round of guidance on a number of provisions under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of...more
9/22/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Distribution Rules ,
Employee Benefits ,
Employer Contributions ,
IRS ,
Pensions ,
SECURE Act ,
Tax Planning ,
Vesting
The US is not the only country that has been making legislative and regulatory changes in the pension and benefits area in response to COVID-19. ...more
IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more
6/1/2020
/ 403(b) Plans ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Excise Tax ,
Filing Deadlines ,
Form 5500 ,
IRS ,
Pensions ,
Retirement Plan
A pension or welfare plan’s investment in a private equity or real estate partnership, among other investment funds, may give rise to “unrelated business income tax” (“UBIT”)....more
As reported previously, in March of 2018, the UK Department of Work and Pensions issued a white paper calling for significant toughening of the fiduciary duties around pensions. This was in response to the collapse of a...more
3/2/2020
/ Employee Benefits ,
Fiduciary ,
Fiduciary Duty ,
Legislative Agendas ,
Pension Schemes ,
Pensions ,
Proposed Legislation ,
Regulatory Agenda ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
IRA providers were concerned with not being able to “stop the presses” when it came to notices being provided in January to IRA owners regarding the need to take 2020 minimum required distributions (“MRDs”)....more
1/30/2020
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
IRS ,
Multiemployer Plan ,
New Legislation ,
Pensions ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning